Editor's Pick: Markets: The week that was (16-20/11/09)
(AFD.L) African Diamonds PLC Buy/Sell
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| Date/Time | Headline | Source |
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| 11-11-09 | AFX UK Focus |
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Shares in British engineering company Corac Group Plc sink more than 17 percent after the company announces a further delay to the field trial of its downhole gas compressors (DGC), prompting Hoodless Brennan to downgrade its rating to "hold" from speculative "buy".
Reuters Messaging rm://david.brett.reuters.com@reuters.net COPYRIGHT Copyright Thomson Reuters 2009. All rights reserved. The copying, republication or redistribution of Reuters News Content, including by framing or similar means, is expressly prohibited without the prior written consent of Thomson Reuters. More |
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| 11-11-09 | AFX UK Focus |
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LONDON, Nov 11 (Reuters) - African Diamonds PLC:
lucara
from 29% to 40% ((London Equities Newsroom; +44 20 7542 7717)) (For more news, please click here)
COPYRIGHT Copyright Thomson Reuters 2009. All rights reserved. The copying, republication or redistribution of Reuters News Content, including by framing or similar means, is expressly prohibited without the prior written consent of Thomson Reuters. More |
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| 11-11-09 | RNS |
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RNS Number : 3099C African Diamonds PLC 11 November 2009
AFRICAN DIAMONDS PLC Rapid Botswana Mine Development Following De Beers' Buyout
The board of African Diamonds AIM:AFD (the London and Botswana listed company) is delighted to announce that De Beers have disposed of their entire 71% stake in the AK6 diamond project to Lucara, listed on the Toronto Venture exchange. The agreement was brokered by African Diamonds, who have a 120 day option to increase their share in AK6 from 29% to 40% for Stg£4.8 million. The agreement is subject to Botswana government approval. Studies commissioned by African Diamonds show that it will cost US$63 million to establish the mine at 2 million tonnes a year output, which will produce over 400,000 carats at a modelled grade of 22 carats per hundred tonnes (cpht). A further US$25 million in capital expenditure will double the output of tonnes and carats. African Diamonds management believe that the grade will be at least 25 cpht, giving an output of over 1 million carats. Mine development is expected in mid 2010, with production in late 2011. The current Life of Mine from the opencast is 12 years, but the deposit contains a further 7 million carats between 372 and 758 metres. Lucara is part of the Lundin Group of natural resource companies, which in two decades, has been built into a multinational US$10 billion group of 12 oil and mining companies, including Red Back Mining, Lundin Mining, Lundin Petroleum and Africa Oil. Eira Thomas, a member of the discovery team of the Diavik Mine, and John Gurney, the world renowned expert on diamond indicator minerals, are directors of Lucara.
"There are only positives resulting from this development. We believe that AK6 is a world class diamond deposit. It needed to be developed as quickly and efficiently as possible to benefit all stakeholders. This will now happen. In Lucara, we have found a like-minded partner. The Lundin family, who control Lucara, have in two decades built a worldwide group of oil and mining companies. Having John Gurney and Eira Thomas involved will provide expert guidance and credibility. For six years, we partnered with De Beers on AK6 and other projects in Botswana. Together we found a diamond mine but, over time, the needs and aims of African Diamonds diverted from those of De Beers. It was a genuine pleasure and privilege to work with De Beers. An amicable separation is a good outcome. The AK6 mine, with its high value diamonds, including the big, rare and beautiful Type II nitrogen free stones, will come on stream at the right time. The economics are compelling. Prices are rising, demand in the Far East is growing, while supply is at best flat. By 2012, there will be only a few kimberlite diamond mines in the world. We are delighted with the outcome. Our belief in AK6 led us to a 16 month odyssey to prove to new investors that immediate mine development, using a new mine plan, was the best way forward. We now need to realise the potential". This release has been approved by Alex van Zyl, Technical Director African Diamonds. Alex van Zyl (B.Sc. Stellenbosch, B.Sc. Hons. Pretoria) spent a long career in Anglo American in the diamond division, ending up 1990 to 1997 with worldwide responsibility for diamond exploration and evaluation. He was a consultant to De Beers from 1997 to 2002. Further information: African Diamonds is an AIM listed company with 79 million shares outstanding. The focus of activity is Botswana. Principal shareholders are Management 15%, Blackrock 10%, JP Morgan 10%, and Investec 12%.
African Diamonds Plc
Finn Cap
Matthew Robinson, Corporate Finance Tel: +44 207 600 1658
College Hill
www.afdiamonds.com 11th November 2009 This information is provided by RNS The company news service from the London Stock Exchange END
MSCCKKKPOBDDFDD More |
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| 06-11-09 | RNS |
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RNS Number : 1345C African Diamonds PLC 06 November 2009
TR-1: NOTIFICATION OF MAJOR INTEREST IN SHARES
1. Identity of the issuer or the underlying issuer of
2 Reason for the notification (please tick the appropriate box or boxes):
An acquisition or disposal of voting rights An acquisition or disposal of qualifying financial instruments which may result in the acquisition of shares already issued to which voting rights are attached An acquisition or disposal of instruments with similar economic effect to qualifying financial instruments An event changing the breakdown of voting rights Other (please specify):
3. Full name of person(s) subject to the
4. Full name of shareholder(s) (if different from 3.):
5. Date of the transaction and date on
reached:
6. Date on which issuer notified:
7. Threshold(s) that is/are crossed or
8. Notified details: A: Voting rights attached to shares
if possible using
the ISIN CODE
GB0033110999 B: Qualifying Financial Instruments Resulting situation after the triggering transaction
C: Financial Instruments with similar economic effect to Qualifying Financial Instruments Resulting situation after the triggering transaction
Total (A+B+C)
Number of voting rights Percentage of voting rights
9. Chain of controlled undertakings through which the voting rights and/or the financial instruments are effectively held, if applicable: Proxy Voting: 10. Name of the proxy holder: 11. Number of voting rights proxy holder will cease to hold: 12. Date on which proxy holder will cease to hold voting rights: 13. Additional information:
15. Contact telephone number: 00 2721 4161855 This information is provided by RNS The company news service from the London Stock Exchange END
HOLUNASRKKRARAA More |
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DB had to borrow 500million last year to stay afloat! They had no money to develop mines, the stalled jvS were just a means of trying to lock up the supply of diamonds coming onto the market .
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| Tue 09:06 |
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don't forget db are up to their eyeballs in debt. even if they wanted to do ak6, they might not have been able to.
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| Tue 09:01 |
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The mighty De Beers must have been beside themselves with fear of the little minnow African Diamonds. It reminds me of the kiddies game of knocking (AFD) on someones (DB) door and running away. If this mine is viable DB would have stayed in. Instead they have said it is only marginal You dont answer the issues of: The diamond market is flat on its face and will take years to recover. Whats the point of excavating diamonds if nobody is buying? (Some are, but at 50% below previous prices) There are infrastructure problems in supporting mine development including lack of power Mining has been reduced to open cast limiting output. This is not the same business model as it was. There might (repeat, might) be a return longer term, perhaps 5 years or more, but Im not prepared to wait that long. Maybe Ok if you are holding just a few hundred shares and happy to put in bottom drawer, but I had 29k at one stage and need to see some return. Most of this investment is now with the Banks (Lloy & Barc) and Builders (TW) and already showing a nice profit with much more to come I am sure. Unfortunately, it looks as though the SP is beginning to tank already Good luck to those prepared to tough it out. JC More | View thread (7) | Respond | Login to Vote up | Login to Vote down |
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| Tue 08:21 |
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debeers were the forced seller.
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